Closing the reporting period as quickly and accurately as possible

1. Closing the reporting period as quickly and accurately as possible greatly benefits not only the accounting department but the organization. The book discusses many ways a faster close can be achieved: Documenting the existing close process, altering the timing of closing activities, revising the contents of financial statements, optimizing the use of journal entries, etc.  Many times in an organization, there are many projects that can be undertaken to improve a process; however, your resources can be limited.  Assume that you have just joined a new company as controller, discuss which approach you might find most important to implement first. ( 2 page )

2. in 2 pages , discuss what the key differences are between the objectives of internal and external financial reporting.

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